The majority of people living at the bottom of the economic pyramid (BoP) are unable to open formal bank accounts, obtain credit or buy insurance. Without access to the banking sector, it’s difficult to even pay for basic services. For example, many individuals need to travel hours to city centers for paying their bills. This incurs additional expenses to the consumer. For merchants, in turn, it’s often difficult to reach consumers who use cash as their only payment method.
Tapp Commerce brings essential goods and services to millions of people without a credit card or a bank account. We bridge the gap between cash consumers and merchants. Our app Tapp Market is facilitated by a network of 30 000 agents who can handle cash transactions.
With our core business, we are contributing to the Sustainable Development Goals (SDG). We promote sustained, inclusive and sustainable economic growth, full and productive employment, and decent work for all. Tapp fights for financial inclusion.
Power of partnerships
Private sector’s contribution to sustainable development is extremely important. Businesses can be used as development organizations and they can make an enormous contribution to the SDGs – and still make profit. Partnerships are needed, however, when approaching the base of the pyramid and improving their lives.
While exploring new markets in Myanmar and Vietnam, I’ve seen a real need for partnerships when targeting the un(der)banked consumers. I’ve met with various companies and NGOs, and I felt that both type of organizations are needed for sustainable development. Even a large multinational corporation might not have channels to reach the cash consumers who still need the MNC’s goods in their daily lives. On the other hand, NGOs can help companies to reach the consumers and learn more about their needs and habits.
Tapp is a member of UNDP’s Business Call to Action
As a member of UNDP’s Business Call to Action Alliance (BCtA), Tapp Commerce is committed to integrate 500,000+ micro-entrepreneurs into its value chain. Tapp will provide 10 million low-income consumers access to mobile payments for services such as water, electricity and insurance by the end of 2018. We bring financial inclusion to Southeast Asia.
The writer Heini Saari is exploring new potential markets and leading global level partnerships, including BCtA membership, at Tapp Commerce. Follow Heini on Twitter.